Ukraine's Nibulon raises 27 mln euros from Danish fund to invest in elevator, flour mill

MOSCOW. July 3 (Interfax) - Nibulon, one of the largest players on Ukraine's grain market, has raised 27 million euros from the Export and Investment Fund of Denmark to expand the capacity of its branch in Izmail, Ukrainian media reported, citing a statement from the company on social media.

The company plans to use the money to build an elevator with capacity to store 118,500 tonnes of grain, and a flour mill with capacity of 750 tonnes per day.

The project will make it possible to expand the branch's export throughput capacity to 300,000 tonnes per month, the company said.

Denmark opened a special investment fund of $133 million for Ukraine in May and approved financing for two pilot projects in agriculture and agricultural processing, including the Nibulon project.

The fund will finance projects that will use Danish technological and innovative solutions and will be available to both the state and private sectors.

Nibulon was founded in 1991 and until February 2022 it had 27 handling terminals and complexes for agricultural products with capacity to store 2.25 million tonnes of agricultural products, a fleet of 83 vessels, as well as the Nikolayev Shipyard. It cultivated 83,000 hectares of land in 12 regions of Ukraine and exported agricultural products to more than 70 countries.